Based on the survey’s findings, Randstad concluded that job seekers value salary above everything else.
PETALING JAYA: Malaysian workers are concerned about their financial and job security in light of the challenging economic landscape burdened by worldwide business restructuring, increasing operating costs and higher interest rates.
A survey of 750 locals aged between 18 and 67 years by talent agency Randstad, found 60% of respondents are worried about losing their jobs.
Three-in-five respondents will not accept a job if they are not legally contracted to the organisation as an employee, according to the Randstad’s 2023 Malaysia Workmonitor survey conducted in October 2022.
The survey aimed to highlight workers’ sentiment and perceptions of the local job market.
Randstad, in a statement, said even though 80% of respondents are worried about how the economic uncertainty would affect their livelihood, 86% retained strong confidence in their employers to provide security.
Randstad Malaysia country director Fahad Naeem said employers who support and understand their employees’ concerns are “more valuable and attractive” to job seekers.
“Measures such as providing temporary subsidies for daily work expenses or financial literacy courses can make a big difference, allowing employees to budget responsibly and maintain a level of security and stability in their lives,” he said.
Based on the survey’s findings, Randstad concluded that job seekers value salary above everything else.
“As more business restructuring and layoffs around the world are being announced, the concern about job and income stability mounts in Malaysia,” Randstad noted.
In the survey, 65% of respondents said they would not accept a new job offer if it did not provide a significant pay increment.
Instead of holding off their career decisions until the economy is stable, people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle.
Meanwhile, 38% of respondents said they had quit jobs due to low wages and 34% are thinking about resigning and finding a better-paying job in view of the rising cost of living.
Naeem said employers need to be mindful of how changes made to their financial budget will impact their employees’ income stability.
“Instead of seeing this as an opportunity to cut costs, companies should remain competitive in a talent-led market and recognise that the price of talent is not something to be discounted, particularly when their expertise and experience are highly sought after,” he said.
Naeem said companies which had built a reputation for being good and competitive paymasters are demonstrating their financial strength.
This quality is highly desirable to job seekers.
The survey indicated that many Malaysians are delaying their retirement plans due to financial insecurity.
Respondents said they are delaying their retirement to live with the rising cost of living.
The survey revealed some 80% of the respondents remarked that their financial position was preventing them from retiring as early as they wished.
Based on their current economic situation, 39% of the respondents said they would need to work beyond the statutory minimum retirement age of 60 years old.
In the event of business restructuring, employees are expecting financial assistance and job placement services from their employers.
The survey found in the event of a retrenchment, 41% of respondents want an extension of company-paid corporate benefits for a period of time in addition to severance pay, while 26% want access to external outplacement services.
